The Housing Inventory in Portland, Oregon, and the surrounding cities had the first significant decrease in months.
All 12 locations still have over one month of Housing Inventory, but it will be interesting to see if this dip is a one-month anomaly or if the downward trend continues.
I feel like a broken record, but I will continue to issue the same call to home buyers. Sky-high Housing Inventory levels will not last long, and this Housing Inventory decrease may be the first sign. Mortgage rates will decrease, and the demand for housing will always be strong because we don't have enough housing to meet the population's needs. The small window for buyers to purchase a home at the list price or lower without the stress and competition of a more aggressive market may be closing. Unfortunately, most buyers will wait until they see a large herd of buyers head back into the market before they start their home-buying process, and by then, it's too late. The aggressive market will be back in play. Trust me, as a home buyer, you want to be ahead of the herd, not following.
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This video is part of a new series called Trend Watch, where I create a set of videos featuring the most critical Housing Market trends and run them every month so that you can understand how trends work and watch the changes month by month.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃
Take care, Sheryl